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IDFC FIRST Prodigy Savings Account

Presenting FIRST Prodigy Savings Account, a minor self operated Savings Account for minors in the age range of above 10 and below 18 years of age. Planning for the future of your child is something that's always on your mind. We're here to help you make sure that your child's future is secure. Our FIRST Prodigy Savings Account offers attractive interest rates along with monthly interest credits so that you can watch their funds grow.Read More

Additionally, it comes with a feature loaded Visa Platinum Debit Card, high insurance cover, exciting offers and much more.Read Less

Free Visa Card 

Banking at your child's finger tips with state-of-the-art mobile banking and internet banking platforms.

Interest up to 7.00%

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Monthly Interest Credit on your Savings Accounts

  • Earn interest on interest with IDFC FIRST Bank
  • Monthly interest credits versus the industry norm of quarterly interest credit

 

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Monthly Interest Credit on your Savings Accounts

VISA Platinum Debit Card with ₹10K average monthly balance

  • Daily purchase limit of ₹10,000 and daily ATM withdrawal limit of ₹10,000
  • Free Personal Accident Insurance Cover of Rs. 35 lakhs and Air Accident Insurance Cover of Rs. 1 crore
  • Free Child Education Cover of Rs. 5 lakhs
    Free Personal Accidental Insurance Cover of Rs. 30 lakhs
    Air Accident Insurance Cover of Rs. 1 crore
  • Complimentary domestic airport lounge access, once every quarter
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ELIGIBILITY

Who Can Apply?

  • A IDFC FIRST Prodigy Savings Account can be opened by any Indian Citizen/Resident of India above 10 years and below 18 years of age.

Documentation

  • Passport-size photograph
  • If you have a PAN Card, it is mandatory to provide it while opening your account or else form 60 to be submitted
  • Any one of the following document:

    - Aadhaar Card

    - Passport

    - Letter issued by the National Population Register containing details of name and address.

  • Parent/Guardian's KYC documents for creation of their customer ID

    - It is not mandatory for the Parent/Guardian to hold a IDFC FIRST Bank Savings Account

Minor Savings Account Eligibility

FEES & CHARGES

Find out about our minimal and transparent fees & charges

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Savings account fees and charges

FREQUENTLY ASKED QUESTIONS

Who can open FIRST Prodigy Savings Account?

FIRST Prodigy Savings Account is a minor self-operated Savings Account which can be opened by resident Indian minor above 10 years and below 18 years of age.

 

What is the minimum Average Monthly Balance required to be maintained?

The minimum Average Monthly Balance requirement for FIRST Prodigy Savings Account is Rs. 10,000

How is the average monthly balance calculated of my savings account?

Every day, from the 1st to the end of the month, we take the balance in your savings account at the end of the day. We total them all up and divide by the number of days in the month. That’s it!

What is the initial funding required to open the account?

Initial funding is not mandatory to open this account. Customers are free to do the initial funding basis their choice.

What is the frequency of interest pay-out?

IDFC FIRST Bank credits interest monthly in your Savings Account, and is one of the first universal banks to do so as compared to the quarterly interest credit by most major banks. Hence you get interest on interest and earn more with the power of monthly compounding.

Is it mandatory for the guardian to hold a Savings Account with IDFC FIRST Bank in order to open FIRST Prodigy Savings Account of the minor?

No, it is not mandatory for the guardian to hold a Savings Account with IDFC FIRST Bank. Only KYC of the guardian needs to be done for creation of customer id and then it will be linked to the minor account.

Will there be an option to transfer excess funds available in IDFC FIRST Bank FIRST Prodigy Savings Account to Fixed Deposit and earn higher rate of interest?

In case you opt for auto sweep facility, once the balance in the minor's account exceeds ₹15,000, the amount in excess of ₹10,000 will be automatically transferred to a Fixed Deposit in multiples of Rs. 1,000 for tenure of 370 days.

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